€9m Investment by Ingka into Scottish fintech DirectID
DirectID, one of the leading fintech in Scotland, that specialises in credit risk assessment, risk analytics and predictive modelling, has announced that it has received a minority investment of €9m from Ingka Investments, the investment division of Ingka Group.
DirectID's main objective is to promote financial inclusion worldwide through its global credit risk score, by providing advanced data to optimise credit and risk decisions in an increasing number of countries. The company provides risk managers with a real-time dataset that can drive efficiency, improve decisions and lifetime value across the credit lifecycle. DirectID's insights enable decision makers to assess risk better, regardless of age, location, and past credit performance.
James Varga, CEOand Founder of DirectID, said:
"We're proud to join Ingka Investments' portfolio of market-leading firms. We are excited to be shaping a new global standard in credit scoring that enhances people’s lives by enabling access to products they need in an affordable way. Our coverage, advanced insights and predictive models provide a unique opportunity to achieve this by creating the world's first real-time, inclusive, credit score based on open finance data."
The funding received will help expedite the launch of DirectID's most advanced predictive models for credit and risk, built from open banking data. Additionally, the company plans to expand its credit risk offering into new markets and accelerate the development of models for each stage of the credit lifecycle, from originations through portfolio management to collections.
Peter van der Poel, Managing Director of Ingka Investments, said:
"We are pleased to have made this investment in DirectID and are confident of their continued growth in the open banking market. They have developed an innovative solution with the potential to complement and disrupt the traditional credit and risk market and help drive financial inclusion for more people. Open Banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future."
This investment is just the latest in a series of investments made by Ingka Investments, which aims to strengthen Ingka Group's core retail business by investing in innovative companies in areas such as digitalisation, customer fulfilment, fintech and sustainability. These investments support the ongoing transformation of Ingka Group to become more affordable, accessible, and sustainable.
